Arbutus Biopharma Corporation Stock Forecast
Arbutus Biopharma Corporation stock upgraded from Sell Candidate to Hold/Accumulate after Monday trading session.
(Updated on Apr 29, 2024)
The Arbutus Biopharma Corporation stock price gained 1.83% on the last trading day (Monday, 29th Apr 2024), rising from $2.73 to $2.78. During the last trading day the stock fluctuated 2.19% from a day low at $2.74 to a day high of $2.80. The price has fallen in 6 of the last 10 days and is down by -6.4% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 226 thousand more shares were traded than the day before. In total, 626 thousand shares were bought and sold for approximately $1.74 million.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 6.30% during the next 3 months and, with a 90% probability hold a price between $2.70 and $3.37 at the end of this 3-month period.
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ABUS Signals & Forecast
The Arbutus Biopharma Corporation stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $2.73 and $2.74. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, April 05, 2024, and so far it has fallen -10.90%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Arbutus Biopharma Corporation stock
Arbutus Biopharma Corporation finds support from accumulated volume at $2.76 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.0600 between high and low, or 2.19%. For the last week, the stock has had daily average volatility of 2.53%.
Our recommended stop-loss: $2.64 (-5.15%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 16 days ago.)
Trading Expectations (ABUS) For The Upcoming Trading Day Of Tuesday 30th
For the upcoming trading day on Tuesday, 30th we expect Arbutus Biopharma Corporation to open at $2.77, and during the day (based on 14 day Average True Range), to move between $2.66 and $2.90, which gives a possible trading interval of +/-$0.121 (+/-4.36%) up or down from last closing price. If Arbutus Biopharma Corporation takes out the full calculated possible swing range there will be an estimated 8.72% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $2.76 (0.72%) than the resistance at $2.92 (5.04%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Arbutus Biopharma Corporation will release earnings BMO on Thursday, May 02, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.100. We will update the financials statements for Arbutus Biopharma Corporation, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 8.58% in the first trading day after earnings release.
Is Arbutus Biopharma Corporation stock A Buy?
Arbutus Biopharma Corporation holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.263 Hold/Accumulate Upgraded
Predicted Opening Price for Arbutus Biopharma Corporation of Tuesday, April 30, 2024
| Fair opening price April 30, 2024 | Current price |
|---|---|
| $2.77 ( 0.240%) | $2.78 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ABUS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.83 | 1.92 % | |
| R2 | 2.81 | 1.09 % | ||
| R1 | 2.80 | 0.585 % | ||
| Current price: | 2.78 | |||
| Support | S1 | 2.75 | -1.06 % | |
| S2 | 2.74 | -1.57 % | ||
| S3 | 2.71 | -2.40 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.12 | 12.23 % | |
| R2 | 3.00 | 7.91 % | ||
| R1 | 2.92 | 5.04 % | ||
| Current price | 2.78 | |||
| Support | S1 | 2.76 | -0.719% | |
| S2 | 2.54 | -8.63% | ||
| S3 | 2.49 | -10.43% |
FAQ
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